DIY or hire a pro: Yes, professionals are pricey, but so are home renovation mistakes. While doing it yourself may be cheaper, quality contractors have the experience, insurance and warranties you don’t. The peace of mind professionals provide may be worth the added cost.
Use a renovation loan. Whether you’re buying a fixer-upper or improving your current home, the FHA 203(k), HomeStyle and CHOICERenovation loans may be more affordable than other financing options.
Tap your home’s equity: If you can’t pay for improvements with cash, you may be able to finance them by using your home’s equity. Plug in your address into our our home value estimator to see how much your house is worth and compare it your mortgage balance. If you have at least 20% equity, use our home equity loan calculator to see how much of it you might be able to borrow.
Consider personal loans and credit cards: If equity-based loans aren’t an option, especially when you need to make emergency repairs, consider personal loans or a credit card.
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